$*(2)$ Three $-$ point estimates: originated with the Program Evaluation and Review Technique $($PERT$)$ This method uses three estimates to define an approximate range for an activities cost: Most likely $($Cm$),$ Optimistic $($CO$),$ and Pessimistic $($CP$).$

This cost estimate is calculoted using neighted average: Cost Estimate $=\frac{Co+4Cm+C_p}{6}$

Reserve analysis: is used to determine how much contingency reserve, if any, should be allocated to the project. This funding is used to account for cost uncertainty.

Cost of Quality $($coQ$)$: includes money spent during the project to avoid failures and money spent during and after the project due to failures. During cost estimation, assumptions about the COQ can be included in the project cost estimate.

Project Management estimating software: includes cost estimating software Applications, spreadsheets, simulation applications, and statistical software tools. This type of software is especially useful for looking at cost estimation alternatives.

Vendor analysis: can be used to estimate what the project should cost by comparing the bids submitted by multiple vendors.